maybe not powell himself but some / most of his apostoles breathing a bit of a sigh of relief as
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UPDATED TUE, APR 2 20241:59 PM EDT – cnbc
Dow drops more than 450 points as Wall Street starts second quarter on a sour note
– The Dow Jones Industrial Average fell for a second day, continuing Wall Street’s lackluster start to the quarter, as bond yields increased and traders lowered expectations that the Federal Reserve would cut interest rates in June. …/..
XAUUSD 4 HOUR CHART – NEW HIGH
XAUUSD holding off an attempt at a retracement to set another record high. As I have been saying, with a void on top, the new high becomes key resistance.
Why> Perhaps some switching out of Bitcoin or just some risk-off flows.
On this chart, it needs to trade/hold above the former high (2266) to the new high at risk.
Key support is not a thought at 2228 as long as it stays above 2250.
BTC 4 HOUR CHART – DOES B STAND FOR BUBBLE? IT IS TOO SOON TO SAY THAT.
As I have been saying it is hard to trust technical levels to be exact *(although they are clear on this chart) so I prefer to look at 60000-65000-70000
Currently, it is testing sub-65000 but would need to decisively break below 60000 to suggest air is really leaking from a bubble.
Next economic data focus is on JOLTS job openings in about an hour
US 10-year tested 4.40% (last 4.389%)
JP re CHF (thanks for asking) I think in the short term against the usd it’s closer to the end than the beginning, as in 9150-9250 should see it run out of gas to some degree. Longer term (months) I have no problem with seeing it back to 1.0000 ish.
I see a smoother path forward for a weaker CHF against the crosses.
The thing that may potentially slow its weakness is some are saying we should be enetering a period of high volatility over the next 1-2 months which maybe could see some safe haven flows into the CHF.
I’m not a huge fan of posting trades after the fact (I’ve been outside busy lately) but last week I switched out of short chf positions and am currently only short eur/usd. Reason being thinking being closer to the end than the beginning (short term) maybe its a prudent risk reward move…. Maybe…
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